Gifts of money by company

Amendment ensures that the policy to remove the 5% limit on deductions for charitable donations made by companies applies from the intended date of 1 Apr 2008.

Section DB 32(3) of the Income Tax Act 2004

An amendment has been made to ensure that the policy to remove the 5% limit on deductions for charitable donations made by companies applies from the intended date of 1 April 2008.

Key features

Section DB 32(3) of the Income Tax Act 2004 has been amended to restore the position in relation to deductions for gifts of money made by companies that should have applied from 19 December 2007.

Section 757 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 has been repealed.

Application date

The amendment applies from 19 December 2007.